Please do not fall for such tricks the same return has been mentioned in all the policy documents. If you are looking in terms of return and cover i would say go with a ULIP policy. Click on the link given below for more information- Unit Linked Insurance Plan - ULIP it will not only give you higher returns but will allow you to withdraw the amount that you have invested. Which is the NAV of the units of the funds in which you have invested. No charges will be deducted if you withdraw it after a few years 3—5 years.
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This policy offers guaranteed reversionary bonus along with the flexibility to choose premium paying term. It also provides financial protection against the untimely demise of the policyholder throughout the policy term. The plan can be taken only on a single life basis. A guaranteed reversionary bonus during the premium paying term.
Option to go for a Short Medical Questionnaire eliminating tedious medical tests. Premiums can be paid monthly, quarterly, half-yearly and annually. The policyholder can take a loan against this policy.
B Death Benefit — If the policyholder passes away then the company will pay the following provided all the due premiums have been paid.
On the payment of the death benefit to the nominee, the policy will terminate and no further benefit will be payable. Eligibility of this policy — This policy can be purchased only on a single life basis.
The age and the term limits for this policy are as follows — How much premium do policyholders need to pay? The policyholder can choose the premium as per their convenience. The premiums can be paid either annually, half-yearly, quarterly or monthly. Below is the detailed description of the premium — Can I take a loan against this policy?
Yes, the policyholder can take a loan against this policy, once the policy has acquired the surrender value. The current terms and conditions are stated below: The loan will only be given on an active policy. The policyholder should be at least 18 years of age at the time of requesting the loan. Can lapsed policy be revived?
The lapsed policy can be revived within 2 years of lapsation provided all due premiums have been paid with interest. A revival charge of up to Rs.
Once the policy is revived, the policyholder will be entitled to receive all contractual benefits. When can this policy acquire a guaranteed surrender value? The policy can acquire a guaranteed surrender value only in the following 2 conditions — For the premium paying term of 7 years, the policy has to be active with fully paid premiums of 2 years. For the premium paying term of 10 years, the policy has to be active with fully paid premiums of 3 years.
Once, the surrender benefit is paid, the policy will terminate and no further benefits will be paid. Are there any exclusions in the policy? Yes, the policyholder can cancel the policy within 15 days from the date of receipt of the policy stating a reason for cancellation.
This period is called the Free-Look Period. But if the policy is purchased through distance marketing policies which are not purchased face-to-face then the free look period will be 30 days. The company will arrange to refund the premium after deducting the proportionate risk premium for the period on cover, the expenses incurred by the company on medical examination and stamp duty.
Now it up to you to decide whether this policy will be helpful in meeting your long-term financial goal. Do let me know if I have missed any important points in the comment section.
Please feel free to ask any doubts regarding this policy. Click to rate this post!
HDFC Life launches ClassicAssure Plus
Speaking on the launch, Mr. Keeping up with the trend, we are pleased to announce the launch of HDFC Life ClassicAssure Plus, which is a participating, traditional insurance plan that offers limited premium payment term along with a guaranteed reversionary bonus during the premium payment term. In line with the new regulation, the plan also offers higher death benefit during the policy term. This plan is ideal for meeting long-term financial goals and creating security and prosperity. Maturity Benefit:- On survival till the maturity date and full payment of premiums due throughout the premium paying term, Sum Assured plus accrued bonuses is paid to the policyholder.
HDFC Life Classic Assure Plus – Review, Features and Benefits
HDFC Life ClassicAssure Plus